Wasps have announced that they are pulling out of their Premiership fixture this weekend against Exeter Chiefs after failing to find the cash required 'to continue to fund operations'.
The Coventry-based club remain hopeful of finding a buyer to save them and say that negotiations 'are ongoing'. Earlier this week it was announced that former Newcastle United owner Mike Ashley was in talks to save the club.
Ashley has reportedly offered to refinance £35million worth of bonds taken out by the club’s owner, Wasps Holdings, to fund their move from London to Coventry in 2014. That debt was due to be repaid in May, while the club also owes £2m in unpaid taxes to HMRC, as well as an outstanding loan to Sport England.
